Tameer Holding Investment, a leading property developer in the Middle East, said it has elected a interim owners association board for Palace Towers, its landmark mixed-use development in Dubai Silicon Oasis.

The company held a meeting recently to elect the board and also start an open and transparent dialogue with owners of Palace Towers units to ensure a smooth transition period following the introduction of the regulations of Dubai’s strata law which came into effect in April 2010.

Commenting on the move, Federico Tauber, president of Tameer Holding Investment said, 'Dubai has always been at the forefront when it comes to the real estate and property sector. The new regulatory framework redefines the responsibilities and obligations of all parties, and strengthens and extends the rights of owners.'

'At Tameer, we have always strived to achieve the highest standards in customer satisfaction, and these new guidelines will help compliment our efforts. We are proud to be amongst the first developers to embrace the new framework,' he added.

The objectives of the meeting were successfully accomplished and included the election of the Interim Owners Association Board, said Tauber.

'Tameer and Strata Global will now begin educating the board and owners in the management of the project, the creation and registration within the next two months of the jointly owned property declaration, including the review of budgets, supply agreements for presentation to the first owners general assembly and any other relevant matters pertaining to the management of Palace Towers moving forward, he added.

According to Tauber, the recent meeting also provided the opportunity to review matters related to maintenance of the common property as well as other general owners association administrative issues.-TradeArabia News Service